Visa Europe migrates to new £432 million high speed payment platform

Chambers: Visa has capability to provide new services for fraud detection

Visa Europe has fully migrated to a new €500 million (£432 million) high speed payment processing platform.

The new platform can process transactions in around 20 milliseconds, or around 2,500 per second. It is the only inter-bank processing service designed exclusively to meet European requirements, including the Single Euro Payments Area (SEPA), Visa said.

The system took six years to build and is run by a team of 800 technology and customer services staff across Europe. Visa Europe’s members, some 4,000 banks, own and control the platform.

Visa said its platform was now significantly faster than that used by arch rival Mastercard, which the Financial Times reported runs transactions at 140 milliseconds. Visa did not immediately provide details on the systems its new platform is based on.

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